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Saint Lucia Housing Market To Benefit From 2-Year VAT Amnesty On Select Materials

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 Prime Minister and Minister for Finance, Hon. Philip J. Pierre, has tabled a Resolution in the Parliament to provide additional economic relief to the public and spur economic development by the removal of Value Added Tax on select building materials.

The Prime Minister first informed the Parliament and the Saint Lucian public of the government’s intention to remove VAT on building materials during his budget address in April.

On July 11, 2023, the Lower House expressed support for the Prime Minister’s Resolution to suspend VAT charges, a reduction of 12.5% on current prices, on plywood, lumber, cement, steel, galvanise and solar pv systems from August 2, 2023, to August 1, 2025.

Home remodelling and renovation projects will be more affordable for the average Saint Lucian. Contractors will also benefit from the reduced cost of building materials for medium to larger projects.

The social and economic realities of ordinary Saint Lucians continue to inspire the people-first policies of the Pierre Administration. This latest tax relief measure will increase consumer spending power and, boost the construction industry through job creation and projects.

SOURCE: Office of the Prime Minister. Headline photo (Stock image).

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4 COMMENTS

  1. Who’s gonna wanna build here after hearing , reading Lucian’s breaking wine bottles an stabbing fellow passengers, Lucians in USA Being forcibly sent back to island , customs officers standing their ground and getting taken out driving home! SmPH let’s see what carnivore does…… Next ting they goin to the golf courses! ……………..Where’s our water Wasco average 2 days a week in Cap? Smph inexcusable shiTt. Est company on island yet u want to build smph woiiiiiiiiiiiiiiiiiiii

  2. i believe this should have only applied to the middle or low class working people and not the Boujwar people that can afford because they will come with they big pockets and check books and buy out all the material in bulk and the poor people will be left with nothing to buy

  3. This haste to try to fulfill a political promise has many flaws that govt should try to curb. First off, this relief is not really a relief as the 2.5% increase in VAT on everything else including food will be more distress to us all. Secondly, this will primarily benefit a certain socio-economic class in our society- the haves who are already able to afford to just build, remodel or extend! Furthermore, we need to look at who ae the biggest beneficiaries/ drivers of the construction industry in saint Lucia right now and over the next 2 years – Sandals, Cabot, Sunswept Resorts aka the big hotels, just watch materials disappear in the early stages of this. The next point is govt fails to see the repercussions of such a Cadre blanche initiative without restrictions and oversight- slums and illegal developments may thrive as anyone who has some cash can buy including those who challenge nature and build in precarious locations and then as k the very same government to help!

    The people behind this initiative are too lazy to develop a robust/ efefctive housing programme that benefit HOME BUILDERS. This would boost construction and dent the housing deficit as we know it. Great haste makes great waste!

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